Nautilus Biotechnology Inc (NAUT) 2024 Q4 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the Nautilus 4th quarter and full year 2024 earnings conference call. (operator Instructions).

歡迎參加 Nautilus 2024 年第四季和全年財報電話會議。（操作員指令）。

I would now like to hand the conference over to your first speaker today, Ji-yon Yi, head of investor relations.

現在，我想將會議交給今天的第一位發言者、投資者關係主管李志勇。

Thank you. Earlier today, Nautilus released financial results for the quarter ended December 31, 2024. If you haven't received this news release, or if you'd like to be added to the company's distribution list, please send an email to investor relations at info@nautilus.bio.

謝謝。今天早些時候，Nautilus 發布了截至 2024 年 12 月 31 日的季度財務表現。如果您尚未收到此新聞稿，或者您希望加入公司分發列表，請發送電子郵件至投資者關係部 info@nautilus.bio。

Joining me today from Nautilus are Sujal Patel, co-founder and CEO Parag Mallick, co-founder and chief scientist, and Anna Mowry, Chief Financial Officer.

今天與我一起出席的還有 Nautilus 聯合創始人兼執行長 Sujal Patel、聯合創始人兼首席科學家 Parag Mallick 和財務長 Anna Mowry。

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking within the meaning of the federal security laws.

在我們開始之前，我想提醒您，管理層將在本次電話會議上發表符合聯邦安全法含義的前瞻性聲明。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated.

這些聲明涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異。

Additional information regarding these risks and uncertainties appears in the section entitled forward-looking Statements in the press release Nautilus issued today.

有關這些風險和不確定性的更多信息，請參閱 Nautilus 今天發布的新聞稿中題為“前瞻性聲明”的部分。

Except as required by law, Nautilus disclaims any intention or obligation to update or revise any financial or product pipeline projections or other forward-looking statements, whether because of new information, future events, or otherwise.

除法律要求外，Nautilus 不承擔更新或修改任何財務或產品線預測或其他前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。

This conference call contains time sensitive information and is accurate only as of the live broadcast on February 27, 2025.

本次電話會議包含時間敏感訊息，僅截至 2025 年 2 月 27 日的現場直播時準確。

With that, I'll turn the call over to Sujal.

說完這些，我將把電話轉給蘇賈爾。

Thanks, Ji-Yon, and welcome to everyone joining our Q4 and full year 2024 earnings call. Today we'll provide a quick look back at our 2024 progress, update you on our work since the last call, and present our fourth quarter 2024 financial results. We'll then, as always, open the call for questions.

謝謝，Ji-Yon，歡迎大家參加我們的 2024 年第四季和全年財報電話會議。今天，我們將簡要回顧我們 2024 年的進展，向您通報自上次電話會議以來的工作，並展示我們 2024 年第四季的財務業績。然後，我們將像往常一樣開始回答問題。

As our goal at Nautilus is to enable proteomics researchers to study the entirety of the proteome at a depth and breadth never before possible, and to make the creation, accessibility, and use of that higher resolution, higher quality. Data easy enough that it will be practical for every lab everywhere to accelerate scientific research, enable the discovery of new biomarkers, and ultimately power the development of new therapies and diagnostic tests that will positively impact human health.

因為 Nautilus 的目標是使蛋白質體學研究人員能夠以前所未有的深度和廣度研究整個蛋白質組，並且創造、可訪問性和使用更高解析度、更高品質。數據足夠簡單，因此每個地方的每個實驗室都可以使用它來加速科學研究，發現新的生物標誌物，並最終推動對人類健康產生積極影響的新療法和診斷測試的開發。

As you saw in this morning's press release, based on the desire to reduce technical risk and bring to market a product with the greatest possible performance, we now expect that the launch of our proteome analysis platform will occur in late 2026. Parag will provide detail on the rationale for that time frame in a few moments.

正如您在今天早上的新聞稿中看到的，基於降低技術風險並向市場推出性能最佳的產品的願望，我們現在預計我們的蛋白質體分析平台將於 2026 年底推出。Parag 稍後將詳細說明該時間框架的理由。

Since the achievements of last year serve as a foundation for the work ahead, I want to take a few moments to walk you through some notable recent accomplishments. But before I do, it's important to remember that we'll be discussing the status of our overall platform development initiatives and share detail on progress against each of the platform's modalities. Broad scale discovery, which aims to comprehensively quantify the proteome.

由於去年的成就為未來的工作奠定了基礎，我想花一點時間向大家介紹一些最近的顯著成就。但在此之前，請記住，我們將討論整個平台開發計畫的現狀，並分享每個平台模式的進度細節。大規模發現，旨在全面量化蛋白質體。

And targeted quantification which is currently focused on proteoform detection.

而目標量化目前主要集中在蛋白質形式的檢測。

While both modalities share the same core platform, each has its own development path.

雖然兩種模式共享相同的核心平台，但各自都有自己的發展路徑。

With that said, in 2024, we had a number of key demonstrations and progress with regard to the core platform. Among them, we developed improvements to the scale and quality of our reagent production.

話雖如此，2024年，我們在核心平台上進行了許多關鍵的演示和進展。其中，試劑生產規模和品質不斷提升。

An instrument and an assay capable of multicycling reagents over many cycles and observing protein binding events at a single molecule level.

一種儀器和分析裝置，能夠在多個循環中對試劑進行多循環，並在單分子層面上觀察蛋白質結合事件。

And software capable of processing the data coming off the instrument and through proprietary biohematics algorithms turning that multi-cycle data into biological insight.

軟體能夠處理來自儀器的數據並透過專有的生物血液學演算法將多周期數據轉化為生物學洞察。

With regards to our pursuit of broad scale decoding, we developed a large number of probes that successfully bind epitopes spanning the human proteome.

為了追求大規模解碼，我們開發了大量能夠成功結合跨越人類蛋白質組的表位的探針。

We also performed an ultra deep characterization of a large number of probes to define detailed binding profiles and kinetics.

我們也對大量探針進行了超深度表徵，以確定詳細的結合特性和動力學。

Lastly, we demonstrated via Western block that these probes can bind to and differentiate proteins successfully, and that the results strongly correlate to our binding models.

最後，我們透過Western阻斷證明這些探針可以成功結合併分化蛋白質，並且結果與我們的結合模型高度相關。

We also made progress on our integrated proteoform capabilities at World HUPO last October, and as Parag reported on our previous call, we shared data on the world's first quantitative measurement of biological variation in tau proteoforms potentially associated with Alzheimer's disease.

我們也在去年 10 月的世界 HUPO 會議上在綜合蛋白質形式能力方面取得了進展，正如 Parag 在我們之前的電話會議上所報告的那樣，我們分享了世界上第一個與阿爾茨海默病可能相關的 tau 蛋白質形式生物變異的定量測量數據。

These preliminary findings have spurred substantive conversations with a number of potential partners interested in exploring how proteoform landscapes at a resolution never before possible.

這些初步發現激發了與許多潛在合作夥伴的實質對話，他們有興趣探索如何以前所未有的分辨率呈現蛋白質形態的景觀。

Armed with the learnings and advances of last year and years prior, we now have greater clarity about what remains to be done to deliver what we believe will be a game changing product to the market.

憑藉去年和前幾年的經驗和進步，我們現在更加清楚還需要做些什麼才能向市場推出我們認為能夠改變遊戲規則的產品。

We're focused on the good that we anticipate our platform can do and confident in our ability to get there.

我們專注於我們的平台預期能夠實現的良好表現，並且對我們實現這一目標的能力充滿信心。

For more detailed update on our R&D efforts, let me turn the call over to Parag.

如需了解有關我們研發工作的更多詳細信息，請允許我將電話轉給 Parag。

Thanks and good morning all. As Sujal shared in Q4 and throughout 2024, we continue to make progress against our core development goals. We remain focused on increasing scale, stability, and reproducibility across our consumables, assay, and platform and continue to see meaningful gains along each of those dimensions.

謝謝，大家早安。正如 Sujal 在第四季度和整個 2024 年所分享的那樣，我們將繼續在核心發展目標方面取得進展。我們始終專注於提高我們的消耗品、檢測手段和平台的規模、穩定性和可重複性，並繼續在每個維度上看到有意義的成長。

This progress goes hand in hand with advancing the reliability, quality, and customer readiness of our instrument and software along with advancements in our ability to investigate the proteoform landscape of tau.

這項進展與我們儀器和軟體的可靠性、品質和客戶準備度的提高以及我們研究 tau 蛋白質形態景觀的能力的提高齊頭並進。

As Sujal mentioned, both our broad scale discovery and targeted proteoform analyses are built upon the same core platform.

正如 Sujal 所說，我們的大規模發現和針對性的蛋白質形態分析都是建立在同一核心平台上。

As such, the movement from platform development towards platform application demonstrated recently for our proteoform analysis also serves as a general validation of our progress, developing a fully integrated end to end platform that starts with sample in immobilizes that sample at the single molecule level robustly interrogates that sample cycle after cycle and then coalesces that data through a data analytic and machine learning pipeline producing quantitative output that can be a foundation for unlocking biological insight.

因此，我們最近在蛋白質形態分析中展示的從平台開發到平台應用的轉變也是對我們進展的一般驗證，開發一個完全集成的端到端平台，從樣本開始，在單分子水平上固定該樣本，循環往復地對該樣本進行穩健查詢，然後通過數據分析和機器學習管道將數據合併，產生定量輸出，這可以作為生物學的基礎。

At US HUPO earlier this week, we presented several posters and a luncheon seminar in which we demonstrated progress towards both our broad scale discovery and targeted proteoforms capabilities.

本週早些時候，在美國 HUPO 上，我們展示了幾張海報並舉辦了一場午餐研討會，展示了我們在廣泛發現和有針對性的蛋白質形態能力方面取得的進展。

On the proteoform side, we demonstrated successful development of a high resolution single molecule tau proteoform assay to quantify the molecular heterogeneity of tau proteoforms.

在蛋白質形式方面，我們展示了成功開發高分辨率單分子 tau 蛋白質形式檢測方法，以量化 tau 蛋白質形式的分子異質性。

High accuracy and reproducibility with over 3 orders of magnitude of dynamic range.

動態範圍超過 3 個數量級，準確度高，重複性好。

Precise measurements of specific tau isoforms and phosphorylation levels in organoid model systems and the first ever measurement of Tau proteoform profiles between neuronal model systems and the human brain that could be used to reveal markers of Alzheimer's disease pathology.

對類器官模型系統中特定的 tau 亞型和磷酸化水平進行精確測量，並首次測量神經元模型系統和人類大腦之間的 Tau 蛋白質形式譜，可用於揭示阿茲海默症病理的標記。

These results demonstrate our readiness to engage in significant partnerships to explore the role that tau proteoforms may play in both drug and biomarker development.

這些結果表明我們已準備好建立重要的合作夥伴關係，以探索 tau 蛋白質形式在藥物和生物標記開發中可能發揮的作用。

On the broad scale side, we discussed the development and characterization of robust multi-affinity probes capable of binding to a variety of proteins.

從廣義上講，我們討論了能夠結合多種蛋白質的強效多親和力探針的開發和表徵。

Extreme sensitivity into the yacht mole range.

對遊艇鼴鼠範圍具有極大的敏感性。

The potential for the platform to be applied not just to human but to a diversity of organisms and a new adaptive decoding algorithm that is able to account for run to run variation and probe binding.

該平台不僅適用於人類，還適用於多種生物，並且具有一種新的自適應解碼演算法，可以解釋運行間變化和探針結合。

In meetings with KOL throughout US HUPO and in interviews with a range of potential future customers over recent weeks, we continue to hear researchers discuss the value of data attributes that go far beyond just the number of measurable proteins.

在最近幾週與美國 HUPO 各地的 KOL 會面以及對一系列潛在未來客戶的採訪中，我們不斷聽到研究人員討論遠遠超出可測量蛋白質數量的數據屬性的價值。

They consistently discuss the quality of data they seek and point to factors such as reproducibility, specificity, and accuracy. We discussed how there is a range of confidences in proteomics data which vary from proteins identified by essentially a single demultiplexed peak through highly abundant proteins that may be identified by a multiplicity of peptides.

他們不斷討論他們所尋求的數據的質量，並指出可重複性、特異性和準確性等因素。我們討論了蛋白質組學數據的置信度範圍如何變化，從基本上透過單一解復用峰值識別的蛋白質到可能透過多種勝肽識別的高豐度蛋白質。

We additionally discussed how our approach is substantially different in confidence and quality relative to traditional affinity-based approaches in which proteins are identified and quantified by one or two affinity reagents versus dozens.

我們也討論了我們的方法在置信度和品質方面與傳統的基於親和力的方法相比有何顯著不同，在傳統的基於親和力的方法中，蛋白質是通過一兩種親和力試劑來識別和定量的，而不是幾十種。

One particularly exciting moment for me came in discussions of our proteoform essay.

對我來說，特別令人興奮的時刻是討論我們的蛋白質形式論文時。

When the researcher declared that our approach was something he had always wanted and in his opinion would revolutionize progress in combating neurodegenerative diseases.

當研究人員宣稱我們的方法是他一直想要的，並且他認為這將徹底改變對抗神經退化性疾病的進展。

Moving on to our current R&D priorities, you'll recall that last quarter we reported that we are behind on our internal milestones with respect to our next major broad scale goal to be capable of quantifying a significant number 500, 1,000, 2000 proteins from a complex sample like cell lysate on the road to measuring the comprehensive proteoform.

談到我們目前的研發重點，您會記得，上個季度我們報告說，我們在下一個主要的廣泛目標的內部里程碑方面已經落後，那就是能夠從像細胞裂解物這樣的複雜樣本中量化 500、1,000、2000 種蛋白質，以測量綜合蛋白質形式。

This represents the last piece of validating the broad scale capabilities of our platform.

這是對我們平台大規模功能的最後一步驗證。

Our unique method of identifying proteins, protein identification by short epitope mapping, or PRISM for short, involves the development and integration of hundreds of proprietary multi-affinity probes which interrogate single protein molecules.

我們獨特的蛋白質辨識方法，即透過短表位圖譜進行蛋白質辨識（簡稱 PRISM），涉及開發和整合數百種專有的多親和力探針，用於檢測單一蛋白質分子。

Over the last 3 years, we have spent substantial time and energy building and optimizing our affinity reagent pipeline and building and characterizing thousands of probe candidates.

在過去的三年裡，我們花費了大量的時間和精力來建立和優化我們的親和試劑管道，並建立和表徵數千個探針候選物。

These studies over Q4 in particular have given us increased confidence in the probes we have built with regards to their ability to bind to a diversity of epitopes within proteins, their ability to differentiate amongst proteins, a key requirement for decoding, and the predictability of their binding proteins.

特別是在第四季度的這些研究使我們對所建構的探針更有信心，它們具有結合蛋白質內多種表位的能力、區分蛋白質的能力（解碼的關鍵要求）以及結合蛋白的可預測性。

One key ingredient in this was the large scale screening of probes against millions of peptides drawn from the human proteium to define very detailed models of sequence specificity for each probe.

其中一個關鍵因素是對來自人類蛋白質的數百萬個勝肽進行大規模探針篩選，以確定每個探針的序列特異性的非常詳細的模型。

We additionally did a significant amount of work on the binding kinetics of these probes and on testing how probes bind to dozens of different proteins through a range of techniques including Western blot and biolayer interferometry.

我們也對這些探針的結合動力學進行了大量研究，並透過包括蛋白質印跡和生物層干涉法在內的一系列技術測試了探針如何與數十種不同的蛋白質結合。

Through that detailed analysis, we can confidently say that our affinity reagent pipeline does indeed produce probes with the characteristics necessary to implement PRISM.

透過詳細的分析，我們可以自信地說，我們的親和試劑流程確實產生了具有實施 PRISM 所需特性的探針。

Alongside our extensive probe characterization efforts, we have been doing the hard development work to optimize and increase the robustness of the fluorescent labels used within our platform, the chemistry used to attach probes to these labels, the chip surfaces themselves to maximize specific binding, and the buffers used during binding and measurement.

除了廣泛的探針表徵工作之外，我們還在進行艱苦的開發工作，以優化和提高我們平台中使用的螢光標記的穩健性、用於將探針連接到這些標記的化學物質、晶片表面本身以最大化特定結合，以及結合和測量過程中使用的緩衝液。

We additionally examined how diverse label types and labelling approaches impacted these metrics on a probe by probe basis. Internally, we define criteria for transitioning probe candidates to platform ready labelled probes.

我們也逐一探針研究了不同標籤類型和標籤方法對這些指標的影響。在內部，我們定義了將探針候選物轉變為平台就緒標記探針的標準。

As we entered 2025, many of these probe candidates were not meeting the performance targets desired of platform ready labelled probes. In an effort to decrease the fallout rate in Q1, we focused on a number of new development work streams related to our labelling approaches, assay buffers, and surface chemistry.

當我們進入 2025 年時，許多候選探針尚未達到平台就緒標記探針所期望的效能目標。為了降低第一季的後果率，我們重點關注了與標記方法、分析緩衝液和表面化學相關的一些新的開發工作流程。

The data from those experiments have made clear the need for us to optimize some elements of our surface chemistry and assay conditions in order to achieve better alignment between our probes and our assay in a way that will increase our confidence that a significant number of our existing and to be developed labelled probe candidates can become platform ready.

這些實驗的數據清楚地表明，我們需要優化表面化學和分析條件的某些元素，以便實現探針和分析之間的更好結合，從而增強我們的信心，使大量現有和即將開發的標記探針候選物可以準備用於平台。

It is clear what work is needed and how that work will translate into a simple and robust essay.

很清楚需要做哪些工作以及如何將這些工作轉化為一篇簡單而有力的文章。

However, appropriately testing these optimizations and integrating any subsequent platform modifications will require time not anticipated when the current launch time frame was established. Thus, this evolutionary work will push back the anticipated timeline on our ability to quantify a significant number of proteins from a complex sample like cell lysate.

然而，適當地測試這些優化並整合任何後續的平台修改將需要在確定當前發佈時間表時未預料到的時間。因此，這項進化工作將推遲我們從細胞裂解物等複雜樣本中量化大量蛋白質的能力的預期時間表。

While we are disappointed with this delay, we are encouraged by the large data corpus we've collected that suggests our probe library is capable of successfully implementing PRISM and thereby unlocking the proteoform.

雖然我們對這種延遲感到失望，但我們收集的大量數據讓我們感到鼓舞，這表明我們的探針庫能夠成功實施 PRISM，從而解鎖蛋白質形式。

With that, I'll turn the call back to Sujal.

說完這些，我就把電話轉回給蘇賈爾。

Thanks for the update, Parag.

謝謝你的更新，Parag。

Parag just outlined how the learnings of recent quarters have positioned us to pursue a development path with reduced technical risk and that we believe will yield the greatest possible platform performance, but at the cost of time.

Parag 剛剛概述了最近幾季的經驗教訓如何幫助我們找到一條降低技術風險的發展道路，並且我們相信這將帶來盡可能好的平台性能，但代價是時間。

Based on the efforts required to implement these modifications to our assay configuration, surface chemistry, and related platform elements that Prague articulated, we now expect that the launch of our proteome analysis platform, instruments and reagents will occur in late 2026.

根據布拉格所闡述的對我們的檢測配置、表面化學和相關平台元素進行這些修改所需的努力，我們現在預計我們的蛋白質體分析平台、儀器和試劑將於 2026 年底推出。

All along this development path, we envision significant scientific milestones and value creation inflection points for both modalities of our platform targeted proteoform detection and broad scale discovery proteomics. Here are a few examples. One, a major goal in the first half of 2025 is to provide the leading researchers with access to our platform for tau proteoform related studies. We firmly believe that 2025 will be the year that researchers begin to apply the platform's capabilities to ask and answer important questions about the role of tau proteoforms in Alzheimer's disease.

沿著這一發展道路，我們設想了我們平台靶向蛋白質形態檢測和大規模發現蛋白質組學的兩種模式的重大科學里程碑和價值創造轉折點。以下舉幾個例子。一、2025年上半年的一個主要目標是讓領先的研究人員能夠使用我們的平台進行tau蛋白質體相關研究。我們堅信，2025 年將是研究人員開始應用該平台的功能來提出和回答有關 tau 蛋白質在阿茲海默症中的作用的重要問題的一年。

2, creation and publication of data showcasing the Tau proteoforms assay's performance characteristics, such as sensitivity, dynamic range, and reproducibility.

2、建立和發布展示 Tau 蛋白質組檢測性能特徵的數據，例如靈敏度、動態範圍和可重複性。

3, signing at least one t-related partnership in the first half of 2025.

3.2025年上半年簽署至少一項T相關合作關係。

4, decoding of an increased number of proteins beginning with predefined mixtures and progressing towards complex samples such as cell lysate.

4.從預先定義的混合物開始解碼越來越多的蛋白質，然後逐漸發展到複雜的樣本，如細胞裂解物。

And 5, the sharing of data showcasing the broad scale proteome assay's performance characteristics, such as stability, sensitivity, dynamic range, and reproducibility.

5.共享數據，展示大規模蛋白質體檢測的性能特徵，如穩定性、靈敏度、動態範圍和可重複性。

We remain focused on driving our scientific and development efforts forward in the most efficient, most effective ways possible. By making the decision to pursue modifications to our asset configuration, surface chemistry, and related platform elements at this time, we believe that we are positioning Nautilus to ultimately make the maximum possible impact on the marketplace and on biological science.

我們將繼續致力於以最高效、最有效的方式推動我們的科學和發展努力。透過決定此時對我們的資產配置、表面化學和相關平台元素進行修改，我們相信我們將使 Nautilus 最終對市場和生物科學產生最大可能的影響。

This elongated development time frame necessitated that we re-evaluate our operating plan and organizational structure to ensure that we are in the best position to execute against both our broad scale and targeted protoform goals.

這個延長的開發時間框架迫使我們重新評估我們的營運計劃和組織結構，以確保我們處於最佳位置來實現我們的廣泛規模和目標原型。

To that end, yesterday we reduced our headcount by approximately 16% in order to align the resources we need to pursue our development goals with the desire to extend our cash runway. Based on these difficult but necessary changes and with ongoing very tight financial management of the business, we now anticipate that our cash runway will extend through 2027.

為此，昨天我們裁員約 16％，以便將我們追求發展目標所需的資源與延長現金流的願望結合起來。基於這些困難但必要的變化，以及持續嚴格的業務財務管理，我們現在預計我們的現金流量將延續到 2027 年。

For more on that and a full report on our finances, let me now hand the call over to Anna.

如需了解更多資訊以及我們的財務狀況的完整報告，我現在將電話交給安娜。

Thanks, Sujal.

謝謝，蘇賈爾。

Total operating expenses for the fourth quarter of 2024 were $20 million roughly equal to the fourth quarter of 2023 and $0.9 million above last quarter.

2024 年第四季的總營運費用為 2,000 萬美元，與 2023 年第四季大致相同，比上一季高出 90 萬美元。

This flat year over year operating expense for Q4 2024 is a result of the focused and ongoing efforts of our team to identify better and more cost effective ways to achieve our goals.

2024 年第四季的營運費用與去年同期持平，這得益於我們的團隊持續專注地努力尋找更好、更具成本效益的方式來實現我們的目標。

Research and development expenses in the fourth quarter of 2024 were $12.8 million compared to $12.5 million in the prior year period.

2024 年第四季的研發費用為 1,280 萬美元，去年同期為 1,250 萬美元。

General and administrative expenses were $7.2 million in the fourth quarter of 2024, compared to $7.5 million in the prior year period.

2024 年第四季的一般和行政費用為 720 萬美元，而去年同期為 750 萬美元。

Overall net loss for the fourth quarter of 2024 was $17.6 million compared to $17.0 million in the prior year period.

2024 年第四季整體淨虧損為 1,760 萬美元，去年同期為 1,700 萬美元。

For fiscal year 2024, operating expenses were $81.5 million an increase of $5.3 million or 7% from $76.2 million in the fiscal year 2023.

2024 財年的營運費用為 8,150 萬美元，較 2023 財年的 7,620 萬美元增加 530 萬美元（即 7%）。

Both research and development expenses and general and administrative expenses also increased by 7% in fiscal year 2024.

2024財年的研發費用以及一般及行政費用也都增加了7%。

Net loss for the fiscal year 2024 was $70.8 million compared to $63.7 million in fiscal year 2023, an increase of 11% year over year.

2024 財年淨虧損為 7,080 萬美元，而 2023 財年淨虧損為 6,370 萬美元，較去年同期成長 11%。

As Sujal stated previously, we now anticipate the launch of our platform in late 2026. To ensure our cash runway well exceeds this timeline. Yesterday we made the decision to reduce our headcount by approximately 16%, impacting all areas of the business.

正如 Sujal 之前所說，我們預計我們的平台將於 2026 年底推出。確保我們的現金流遠遠超過這個時間表。昨天，我們決定裁員約 16%，這將影響所有業務領域。

We expect this will result in limited one-time costs that will be re-recorded in the first half of 2025.

我們預計這將導致有限的一次性成本，這些成本將在 2025 年上半年重新記錄。

While these steps will lead to cost savings in the short term, it will also allow us to invest in future business needs within a lower spending envelope.

雖然這些措施會在短期內節省成本，但也使我們能夠在較低的支出範圍內投資於未來的業務需求。

For fiscal year 2025, we anticipate our total operating expenses to be at or below 2024 levels.

對於 2025 財年，我們預計總營運費用將等於或低於 2024 年的水準。

Turning to our balance sheet, we ended the year with approximately $206 million in cash equivalents, and investments compared to $264 million at the end of last year.

回顧我們的資產負債表，截至今年年底，我們的現金等價物和投資約為 2.06 億美元，而去年年底為 2.64 億美元。

The efforts we took in 2024 to limit growth and spending combined with yesterday's workforce reduction means that we now expect our cash runway to extend through 2027.

我們在 2024 年採取的限製成長和支出的措施，再加上昨天的裁員，意味著我們現在預計我們的現金流量將延長到 2027 年。

With that, I'll turn it back to Sujal.

說完這些，我就將其交還給蘇賈爾 (Sujal)。

Thanks, Anna.

謝謝，安娜。

Anna's report clearly demonstrates our total and continued commitment to very tight financial management of this business. We understand what it will take to get Nautilus to commercialization and have developed a culture of rigorous financial discipline that will benefit us both in the short term and the long term.

安娜的報告清楚地表明了我們全力並持續致力於對該業務進行嚴格的財務管理。我們了解如何才能使 Nautilus 商業化，並已形成嚴格的財務紀律文化，這將使我們在短期和長期內都受益。

We're excited about what lies ahead for Nautilus and the difference our platform can make in biological science. Our mission to positively impact the health and lives of people around the world remains unchanged and serves as the standard to which we hold ourselves.

我們對 Nautilus 的前景以及我們的平台在生物科學領域所能發揮的作用感到非常興奮。我們的使命是積極影響世界各地人民的健康和生活，這項使命始終沒有改變，也是我們自我要求的標準。

I'm grateful to our team, our investors, our strategic partners, and our research collaborators for joining us on this journey to revolutionize proteomics and empower the scientific community in ways never before thought possible.

我感謝我們的團隊、投資者、策略夥伴和研究合作者，感謝他們與我們一起踏上這場革命性蛋白質體學之旅，並以前所未有的方式增強科學界的力量。

We made good progress in 2024 and look forward to building on those successes as we move through development in 2025 on our way to commercial availability next year.

我們在 2024 年取得了良好的進展，並期待在 2025 年開發過程中繼續鞏固這些成功，並在明年實現商業化。

With that, I'm happy to open the call up for questions. Operator.

現在，我很高興開始回答大家的提問。操作員。

Yuko Aku at Morgan Stanley.

摩根士丹利的 Yuko Aku。

Morning and thank you for taking my questions. Could you further elaborate on your plans to modify the assay configuration and surface chemistry? What are the specific issues you're currently facing that these changes would address?

早上好，感謝您回答我的問題。能否進一步詳細說明修改檢測配置和表面化學的計畫？這些變化將解決您目前面臨的具體問題是什麼？

And with these plan changes, has anything changed in terms of how you're thinking about initial specs of the platform at launch or your plans to continue to improve those specs with subsequent kids?

隨著這些計劃的改變，您對平台發佈時的初始規格的想法有什麼改變嗎？或者您計劃在後續產品中繼續改進這些規格嗎？

Good morning, Yuko. This is Sujal. Why don't I have Parag start with this question and then I will take the second half.

早上好，Yuko。這是蘇賈爾。我為什麼不先讓帕拉格開始回答這個問題，然後我再回答後半部呢？

Great, thank you for the question.

非常好，謝謝您的提問。

The The key aspect of the assay involves a couple different components. One is that all are targeted at driving the specific binding of our affinity reagents to proteins that that contain an epitope of interest.

該檢測的關鍵方面涉及幾個不同的組成部分。一是所有方法的目的都是驅動我們的親和試劑與含有感興趣表位的蛋白質進行特異性結合。

And to differentiate the non-specific binding away from proteins that don't contain an epitope.

並將非特異性結合與不含表位的蛋白質區分開來。

Some of the key factors that influence that are, for instance, how those particular probes are labelled with a fluorophore.

影響這一點的一些關鍵因素包括，例如，這些特定的探針如何用螢光團標記。

For example, if those probes are labelled in a way that is slightly suboptimal, you might end up conjugating a fluorophore into the binding region of the antibody and interfering with its ability to bind to its target.

例如，如果這些探針的標記方式稍微不太理想，您最終可能會將螢光團結合到抗體的結合區域並幹擾其與目標結合的能力。

In addition, depending upon the surface chemistry, it's possible that as you add fluorescent moieties, you might drive towards non-specific binding.

此外，根據表面化學性質，添加螢光部分可能會導致非特異性結合。

And so those are the kinds of separations that we're working to enhance and many different small factors can influence those as a configurations such as how the surface is passivated, such as how the what the actual chemical structure of the fluorescent label is and how it is attached to the to the probe of interest.

這就是我們正在努力增強的分離類型，許多不同的小因素都會影響這些配置，例如表面如何鈍化，螢光標籤的實際化學結構如何以及它如何附著到感興趣的探針上。

This is Sujal. Let me just take this. I can have your question you go, which is related to specifications, and I think the key thing here that I want to point out is, well, two key pieces, right? One is it the asset configuration change that Parag is discussing is really meant to allow us to.

這是蘇賈爾。就讓我來拿這個吧。我可以回答你的問題，該問題與規格有關，我認為這裡我想指出的關鍵是兩個關鍵部分，對嗎？一是 Parag 所討論的資產配置變化其實是為了讓我們能夠這樣做。

Get the large number of probe candidates that we have built and that we are building to have a higher yield where they function well on our platform and enable us to get the type of information that we need to decode the complete proteo and so.

取得我們已經建造的和正在建造的大量探針候選物，以獲得更高的產量，它們在我們的平台上運作良好，並使我們能夠獲得解碼完整蛋白質所需的資訊類型。

When we say in the prepared remarks that this is an approach that has less technical risk and allows us to optimize our performance, that's what we really mean, which is we're trying to get a much higher yield out of the probes that are developed already and the probes we're developing so that we can deliver a high specification in terms of coverage of the proteo.

當我們在準備好的評論中說這種方法技術風險較小並能讓我們優化性能時，這才是我們真正的意思，即我們試圖從已經開發的探針和正在開發的探針中獲得更高的產量，以便我們可以在蛋白質覆蓋率方面提供高規格。

Now on other parts of our specifications, things like dynamic range sensitivity, the reliability of the instrument.

現在討論我們規格的其他部分，例如動態範圍靈敏度、儀器的可靠性。

I think that the additional time that it's taken us to develop our first instrument reagents, a full commercial launch of our proteome product, that additional time gives us more time for those other areas to bake, and so we anticipate that those will be, closer to launch spec or exceed lunch spec. By the time that we get out, by the end of 2020, but late in 2026.

我認為，我們花了額外的時間來開發我們的第一個儀器試劑，全面商業化推出我們的蛋白質組產品，這些額外的時間使我們有更多的時間去烘烤其他領域，因此我們預計這些領域將更接近發布規格或超過午餐規格。我們退出的時間是 2020 年底，但時間是在 2026 年末。

Great, that was helpful caller.

太好了，來電者很有幫助。

Thank you for that. And just a related question. Does the plan changes to the as a configuration or the surface chemistry change how you're thinking about cost structure of the platform or conceivable, and is that 1 million bundle pricing still the right way to think about the price of the platform?

謝謝你。這只是一個相關的問題。該計劃是否會因為配置或表面化學變化而改變您對平台成本結構的思考或想像，100 萬捆綁定價是否仍然是思考平台價格的正確方式？

Yes, that's a great question in terms of what what the changes that we are developing now due to our cost structure, they have a. You know they have no negative impact and may even have some positive impact particularly on the consumable side in terms of cost,

是的，這是一個很好的問題，關於我們目前正在進行的成本結構變革，他們有何影響。你知道它們沒有負面影響，甚至可能有一些正面影響，特別是在成本方面的消耗方面，

And with that we do anticipate that our pricing is roughly correct based on the previous guidance that we've given you, which is that we expect that an instrument deal which includes the instrument, the software, the services support, kind of the initial deal to get you going is roughly a million dollars.

我們確實預計，根據我們先前給您的指導，我們的定價大致正確，也就是說，我們預計包括儀器、軟體、服務支援在內的儀器交易，即讓您開始的初始交易，價格約為一百萬美元。

And sample cost will vary based on the configuration of the product and what you're looking for but could start at, a few $1000 per sample and then decline over time and we think that those price points based on continued conversations with customers are the right price points given the differential data that our platform produces and the quality of the data.

樣品成本將根據產品的配置和您需要的東西而有所不同，但開始的價格可能是每個樣品幾千美元，然後隨著時間的推移而下降，我們認為，根據與客戶的持續對話，這些價格點是正確的價格點，因為我們的平台產生的差異數據和數據品質。

Okay thank you.

好的，謝謝。

Yes.

是的。

Our next question comes from Subbu Nambi, Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的 Subbu Nambi。

(inaudible)

（聽不清楚）

Hey guys, can you hear me.

嘿夥計們，你聽得到我的聲音嗎？

Okay? We can't you're on mute?

好的？我們不能，您靜音了嗎？

I apologize. I was only able to hear the second part of your question. Could you please repeat the first part of your question?

我很抱歉。我只能聽到你問題的第二部分。您能重複問題的第一部分嗎？

Absolutely. So, I'm confused a little bit. Shouldn't surface chemistry be uniform for all proteins? And if you were able to attach tau to a surface, shouldn't we assume that it should be the same chemistry for all different proteins to attach on the slide on the chip? The second is, labelling of fluorophore to FC region of antibodies is pretty standardized. Then how does that require optimization?

絕對地。所以，我有點困惑。所有蛋白質的表面化學性質不應該是一致的嗎？如果你能夠將 tau 附著到表面上，我們是否應該假設，對於附著在晶片載玻片上的所有不同蛋白質來說，它應該具有相同的化學性質？第二，螢光團對抗體FC區的標記是相當標準化的。那麼這需要如何優化？

Sure, so maybe I'll, with regards to the surface chemistry and passivation thereof, really what we're not talking about the immobilization of the proteins via the nanoparticles to the surface, that you're absolutely correct that that is identical between any assay and speaks to how we immobilize proteins from the sample onto the chip.

當然，所以也許我會就表面化學及其鈍化而言，我們實際上並不是在談論通過奈米粒子將蛋白質固定在表面，您完全正確，這在任何測定之間都是相同的，並且說明了我們如何將樣品中的蛋白質固定在晶片上。

On the other hand, depending upon the labelling strategy, the number of cycles, and the buffers, there are interplays between the fluorescent moieties on the that may be used to label the probes. And their interaction with the surface. Different buffers may lead to increases in non-specific binding to the surface, or to to other targets, likewise, even factors like temperature and time of measurement can play into that differentiation between specific and non-specific binding.

另一方面，根據標記策略、循環數和緩衝液，可用於標記探針的螢光部分之間存在相互作用。以及它們與表面的相互作用。不同的緩衝液可能導致與表面或其他目標的非特異性結合增加，同樣，甚至溫度和測量時間等因素也會影響特異性和非特異性結合之間的區分。

And with regards to fluorescence labeling, you're absolutely correct that fluorescence labelling in general is a is a very well established method that there's a number of different conjugation chemistries for labelling of antibodies within our system.

關於螢光標記，您完全正確，螢光標記通常是一種非常成熟的方法，我們的系統內有多種不同的結合化學方法可用於標記抗體。

One of our key considerations is that we want to be able to perform the measurement repeatedly, and we've shown hundreds of cycles of repeated measurements.

我們的一個主要考慮因素是我們希望能夠重複進行測量，並且我們已經展示了數百次重複測量的循環。

And so maintaining that balance of specific binding cycle after cycle is something that we really have have optimized tremendously and that we believe further advancements in our configuration will allow for greater differentiation for a wide number of our probes and really this is about aligning the probe characteristics to the assay configuration.

因此，在循環中保持特定結合循環的平衡是我們真正進行了大量優化的事情，我們相信我們的配置的進一步改進將使我們的大量探針具有更大的區分度，這實際上是將探針特性與檢測配置相結合。

Thank you for that Parag. Each protein is quirky, right? So, how are you confident that whatever optimization you do is going to be applicable on a broad scale? In terms of specificity.

謝謝你，Parag。每種蛋白質都是奇特的，對嗎？那麼，您如何確信所做的優化將具有廣泛的適用性？就具體性而言。

Absolutely. So I think what, while each protein is is quirky and we internally in the building, we we think of them as essentially their own beautiful snowflake. The optimizations are really about the interaction between a labelled probe and a protein.

絕對地。所以我認為，雖然每種蛋白質都是奇特的，而且在我們建築物內部，我們認為它們本質上是自己美麗的雪花。優化實際上是關於標記探針和蛋白質之間的相互作用。

And at that point, that's really driven by, very fundamental physics of binding, where if you increase the concentration, you increase the extent of on, if you increase the time. Prior to measurement, then you decrease the amount of bound, and so those those fundamental kinetics of the system are at play. And so those apply across proteins. Those are just general principles of binding. And we've seen, we see that actively in the platform.

此時，這實際上是由結合的基本物理原理所驅動，如果增加濃度，則結合的程度也會增加；如果增加時間，則結合的程度也會增加。在測量之前，您要減少結合量，這樣系統的基本動力學就會發揮作用。所以這些適用於所有蛋白質。這些只是約束的一般原則。我們已經看到，我們在平台上積極地看到了這一點。

Okay.

好的。

Dan Brennan at TD Cowan.

Dan Brennan 的 TD Cowan。

Great thank you could you just review? I know you, did in the prepared remarks just kind of what are the key. Milestones and timing over say 25, maybe in the 26, so there are 2 or 3 checkpoints.

非常感謝，可以評論一下嗎？我知道你在準備好的發言中只是講了點關鍵點。里程碑和時間安排超過 25 個，也許在 26 個，因此有 2 或 3 個檢查點。

That the market will see whether the customers or investors that we could kinda get a further update if you're meeting your expectations or will it just come at some point in early 26 it's either going to be, you'll kind of reveal and then we'll get a sense if you're on track or not.

市場將會看到，如果您滿足了您的預期，我們是否可以向客戶或投資者提供進一步的更新，或者它是否會在 26 年初的某個時候出現，要么您會透露，然後我們就會了解您是否走在正軌上。

Yes, and, thanks for the question.

是的，謝謝你的提問。

Let me try to answer the question in two different directions for you. Remember, the core platform has two different modalities. One is a mode where you take a deep dive in a single protein or a small number of proteins, and that today is really focused on proteoform detection.

讓我試著從兩個不同的方向來回答你這個問題。請記住，核心平台有兩種不同的模式。一種是深入研究單一蛋白質或少量蛋白質的模式，目前這種模式的真正重點是蛋白質形態的檢測。

And then there's another modality where we're looking for what we call broad scale discovery proteomics, which is give me all of the gene coded proteins that you have within the sample. And each of those modalities has different catalysts that we think are coming up here over the course of the next call it 4 to 6 quarters.

然後還有另一種方式，我們正在尋找所謂的大規模發現蛋白質體學，它能給我樣本中所有基因編碼的蛋白質。每種模式都有不同的催化劑，我們認為這些催化劑將在接下來的 4 到 6 個季度內出現。

I won't assign individual timelines necessarily to all the pieces of it. So, on the tau, let's start with the proteoform side first. The first proteoform that we really have a great deal of interest in is tau, which is the key biological, marker, implicated in diseases like Alzheimer's disease.

我不會為所有部分指定單獨的時間表。因此，關於 tau，我們首先從蛋白質形式方面開始。我們真正感興趣的第一個蛋白質形式是 tau，它是與阿茲海默症等疾病相關的關鍵生物標記。

And As, we move through the first half of 2025, we expect to provide the platform's capabilities to researchers to do tau proteoform related studies and talked a little bit about some of the data that we've produced over the course of the last few months in his prepared remarks and We will, update our investor deck here over the course of the next day and there's continues to be some more information in there on.

隨著我們進入 2025 年上半年，我們希望向研究人員提供該平台的功能，以進行 tau 蛋白質組相關研究，並在他準備好的發言中談到了我們在過去幾個月中產生的一些數據，我們將在第二天更新我們的投資者平台，其中還會繼續提供更多信息。

what we're doing on the to party form front as we as we continue on the to party form side, we expect to also through the year continue to show more data and publish more data related to our performance characteristics, sensitivity dynamic range, reproducibility and so forth.

我們在派對形式方面所做的工作，隨著我們在派對形式方面的繼續發展，我們還希望在今年繼續展示更多數據，並發布更多與我們的性能特徵，靈敏度動態範圍，可重複性等相關的數據。

And we expect that in the first half of 2025 we'll also sign our first town-related partnership and stay tuned for more on that front, so on the town front, I think that's kind of what you should look for in the near and medium term. So, let me change my shift my attention to broad scale on the broad scale side, I think that.

我們預計，在 2025 年上半年，我們還將簽署第一個與城鎮相關的合作夥伴關係，並將繼續關注這方面的更多進展，因此，在城鎮方面，我認為這就是您在近期和中期應該尋找的。因此，我認為，讓我將注意力轉移到廣泛方面。

One of the things that you've heard us say is that, the big milestone on the broad scale side is when we can decode a significant number of proteins out of cell lysate like it doesn't need to be a lot, 500, 1,000, 2000 proteins.

您聽到我們說過的一件事是，大規模方面的重大里程碑是我們可以解碼細胞裂解物中的大量蛋白質，而不需要很多，500、1,000、2000 種蛋白質。

And by the time we get to that point, all of the platform pieces have come together, all of the assay performances required for decoding is there, and we will at that point have a very firm grasp on the timeline remaining and final specifications and so forth, and I think that will be a big update for our investors and our analysts on the road to being able to do that once we're able to move through this asset configuration change and surface chemistry change, you'll see us have some intermediate milestones such as decoding predefined mixtures of protein.

當我們到達那個點時，所有平台部分都已組合在一起，解碼所需的所有分析性能都已存在，我們將在那時非常牢固地掌握剩餘的時間表和最終規格等，我認為這對我們的投資者和分析師來說將是一個重大更新，一旦我們能夠完成這種資產配置變化和表面化學變化，您就會看到我們有一些中間里程碑，例如解碼預定義的蛋白質混合物。

Teams as we com as we progress towards cell lysate as a comp as an example of a complex sample and then ultimately to that 500,000 2000 protein milestone, and so as we start moving through those predefined mixtures, we'll bring the scientific community and our investor community along so that there are some interim checkpoints before we get to that that big data read out and as well as we move through the year I expect we'll continue to.

隨著我們逐漸將細胞裂解物作為複雜樣本的例子，並最終達到 500,000 至 2000 個蛋白質的里程碑，當我們開始研究這些預定義的混合物時，我們將帶動科學界和投資者界一起努力，以便在讀取大數據之前有一些中期檢查點，並且我預計我們會繼續這樣做。

Once we make our asset configuration change, continue to share data, particularly at scientific conferences related to our broad scale capabilities, stability, sensitivity, reproducibility, dynamic range coverage in our assets.

一旦我們改變資產配置，繼續共享數據，特別是在與我們的資產的廣泛能力、穩定性、靈敏度、可重複性、動態範圍覆蓋相關的科學會議上。

Great, maybe just one on how then since you're going to be, engaging with customers now in the first half and finding a partnership.

太好了，也許只有一個關於如何在上半年與客戶接觸並尋找合作關係的問題。

From what you've, produced so far, could you just speak to the, I think you said you're going to provide some details, obviously and sensitivity specificity the key measurement tools. Could you just speak to those, a number of players emerging in the market? There's a lot of specs out there just kind of how you think your performance would compare to some of the other kind of leading, kind of tau protein platforms.

從您目前提供的內容來看，您能否談談，我想您說過您將提供一些細節，顯然，敏感性特異性是關鍵的測量工具。您能否談談市場上新興的一群參與者？目前存在著許多規格，只是您認為您的性能與其他一些領先的 tau 蛋白平台相比如何。

Maybe I'll take this one and I think one of the key and most important differentiator of our platform relative to everything else out in the world.

也許我會選擇這個，我認為這是我們的平台相對於世界上其他所有平台的關鍵和最重要的區別之一。

Is that we are the only commercial platform that can measure proteoforms in high throughput and high sensitivity from complex samples.

我們是唯一能夠從複雜樣本中高通量、高靈敏度測量蛋白質形態的商業平台。

So, that that aspect of being able to comment on the combination of isoforms plus potentially triple phosphorylation of tau or quadruple phosphorylation of tau at sites A, B, C, and D or A, B, C, and E is a unique capability of our platform and something that our customers are extremely excited about. Because that allows you to reveal the order and timing of events that are on the way to Alzheimer's.

因此，能夠對異構體的組合以及 A、B、C 和 D 或 A、B、C 和 E 位點的潛在 tau 三重磷酸化或 tau 四重磷酸化進行評論，這是我們平台的獨特功能，也是我們的客戶非常興奮的事情。因為這可以讓你揭示導致阿茲海默症的事件的順序和時間。

It allows you to unveil substructure and subtypes that are potentially indicative of response to therapy of one therapeutic. Versus another and also potentially allow you to define differences between patients who have aggressive rapidly progressing disease versus not. So, it's really in the resolution of the measurement that is incredibly unique.

它可以幫助您揭示可能表明對某種療法有反應的次結構和亞型。相較之下，也可能讓你定義患有侵襲性快速進展性疾病的患者與未患有侵襲性快速進展性疾病的患者之間的差異。因此，測量的分辨率確實非常獨特。

With regards to other specifications, some of the things that we've been looking at are the dynamic range within the measurement of an individual proteoform. And so keep in mind there are two different measures of dynamic range. One is the across analyte dynamic range, and the other is the within analyte dynamic range.

關於其他規格，我們一直在關注的是單一蛋白質組測量的動態範圍。請記住，動態範圍有兩種不同的測量方法。一個是跨分析物動態範圍，另一個是分析物動態範圍內。

And typically, for instance, in TMT assays and mass spectrometry, you have what's called range compression and so your within analyte dynamic range is typically below one order of magnitude. We have demonstrated dynamic range of upwards of 3 orders of magnitude within our within analyte dynamic range.

通常，例如在 TMT 分析和質譜分析中，會出現所謂的範圍壓縮，因此分析物的動態範圍通常低於一個數量級。我們已經證明，在分析物動態範圍內，動態範圍高達 3 個數量級。

With regards to reproducibility, showing reproducibility's of with CVs, well below 20%, and then one other common factor that you'll see people look at is just what are the range of analytes that you're able to look at and that's where as I highlighted, we're able to access analytes that are simply inaccessible to other platforms.

關於可重複性，用 CV 顯示的可重複性遠低於 20%，然後您會看到人們關注的另一個常見因素是您能夠查看的分析物範圍，這就是我強調的地方，我們能夠訪問其他平台根本無法訪問的分析物。

Great, thank you.

太好了，謝謝。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Good morning. This is Willert Meyer or Will on for Matt Sykes. Thanks for taking our questions. I appreciate the commentary around the probe optimization, taking some time and pushing out the launch date, but just want to clarify, is that late 2026 launch for both the broad scale discovery and the more targeted platform, or those timelines different?

早安.這是 Willert Meyer 或 Will 代替 Matt Sykes。感謝您回答我們的問題。我欣賞有關探測器優化、花一些時間並推遲發射日期的評論，但我只是想澄清一下，對於大規模發現和更有針對性的平台來說，2026 年底的發射是否不同，或者這些時間表是否不同？

Morning, well, let me try to take that one.

早安，好吧，讓我試著拍一張。

Both of our modalities, are heading to the market with different, strategies, so on the. Let's take the broad scale side first. On the broad scale side, we are moving towards a model where late in 2026 we have our commercial launch, and from that point forward, we're largely selling instruments, we're selling consumable roles, we're selling software services report.

我們的兩種模式都以不同的策略進入市場，等等。我們先從廣義來看。從廣義上講，我們正在朝著這樣一種模式邁進：在 2026 年末我們將進行商業發布，從那時起，我們主要銷售儀器、銷售消耗品、銷售軟體服務報告。

That's the business model going forward and we'll provide some services capability after that point as an on-ramp to buying instrument and burst capacity and that sort of thing.

這是未來的商業模式，之後我們將提供一些服務能力，作為購買儀器和突發容量等的入口。

On the proteoform side, because the proteoform data coming off our platform is a type of data and a level of detail that you can't get with other assets we've chosen not to just productize it as a service or to sell an instrument that does pretty form assays and instead.

在蛋白質形式方面，由於來自我們平台的蛋白質形式數據是一種數據類型和細節級別，是您無法通過其他資產獲得的，因此我們選擇不將其作為服務產品化或出售能夠進行漂亮形式分析的儀器。

Have focused on partnering with organizations who are looking for this level of detail and jointly exploring the space with tau initially of that proteoform and understanding what are the implications biologically, how does it inform therapeutic development, are there potential diagnostic applications.

一直致力於與尋求這種細節程度的組織合作，並共同探索 tau 最初的蛋白質形式的空間，並了解其生物學意義、它如何為治療發展提供信息，以及是否具有潛在的診斷應用。

And so on the proteoform front, we are today talking to a number of organizations around partnerships on the tau proteoform. Those analysis will be done in our facility and we will work with our customers and return results to them and then work with them on the next phases of their project.

在蛋白質形態方面，我們今天正在與一些組織就 tau 蛋白質形態的合作進行討論。這些分析將在我們的工廠內完成，我們將與客戶合作並將結果傳回給他們，然後與他們合作進行專案的下一階段。

And then ultimately, certainly over the course of 2025 and 2026 we will also add additional biomarkers, some that are driven by customer conversations and some driven by our own research and desires for that product and you know for the foreseeable future, those proteoform capabilities are capabilities that we're going to introduce to customers via partnerships and collaboration.

最後，當然是在 2025 年和 2026 年期間，我們還將添加額外的生物標誌物，有些是由客戶對話驅動的，有些是由我們自己的研究和對該產品的需求驅動的，並且您知道在可預見的未來，這些蛋白質形態的能力是我們將透過合作夥伴關係和協作向客戶介紹的能力。

Got it. That's super helpful.

知道了。這非常有幫助。

Thank you. And then just following up on that, you mentioned giving researchers access to proteoform in the first half of 25, but then I just wanted to see if the launch date impacts your expectations for the early access program maybe on the broad scale side and in relation to instrument placements as well. Thank you so much.

謝謝。然後順便問一下，您提到在 25 年上半年讓研究人員可以使用 proteoform，但我只是想看看發布日期是否會影響您對早期訪問計劃的期望，也許是在廣泛的方面，也與儀器放置有關。太感謝了。

Yes, so, the early access period is a just to kind of define it for those that may not remember the early access period is approximately 6 months to 9 months prior to the commercial launch of our instrument on the broad scale side.

是的，早期訪問期只是對那些可能不記得的人來說的一種定義，早期訪問期是在我們的儀器大規模商業發布之前大約 6 個月到 9 個月。

And that is an opportunity for customers to see the data that our platform produces with their own samples and so that's a model where the costs where potential customers will send us samples, we'll analyze them using the pre-production, broad scale capabilities and the goal of those engagements is one to generate data and excitement.

這對客戶來說是一個機會，他們可以透過我們的平台查看自己樣品產生的數據，這是一個模型，潛在客戶將樣品發送給我們，我們將使用預生產和大規模能力對其進行分析，這些合作的目標是產生數據和激發興趣。

And have a set of data that we can leverage as we move towards launch, but even more importantly to get customers excited enough to want to place orders for the instrument once we get to that commercial launch and so you should think about you know commercial launch late 2026 and early access period starting from 6 months to 9 months before that.

我們擁有一組可以在發布過程中利用的數據，但更重要的是，一旦我們進行商業發布，讓客戶足夠興奮，想要訂購該儀器，所以你應該想想 2026 年底的商業發布，以及從那之前 6 個月到 9 個月開始的早期訪問期。

Great thank you so much.

太好了，非常感謝。

I'm showing no further questions at this time.

我目前沒有其他問題。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。該計劃確實結束了。您現在可以斷開連線。